Billy Bob is at risk for $10,000 in Partnership A and $22,000 in Partnership B...
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Accounting
Billy Bob is at risk for $ in Partnership A and $ in Partnership B on January Both partnerships are passive activities to Billy Bob. Billy Bobs share of net income from Partnership A during was $ His share of losses from Partnership B was $ What are the tax consequences to Billy Bob for How much is he at risk for each activity on January Does he have any loss carryovers under the atrisk rules? Does he have any suspended losses under the passive loss rules? What would be your answer to Problem if Billy Bobs share of net income from Partnership A was $ and his loss from Partnership B was $
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